Modest revenue growth & margin slips by 13bps qoq: Firstsource reported revenue of Rs. 8178 mn in Q3FY16 which is up by 3.2% Q-o-Q and 8.9% Y-o-Y. EBITDA is Rs. 1005 Mn which was Rs. 984 Mn in Q2FY16 and the margins dropped to 12.3% which is by 13 bps Q-o-Q and 17 bps Y-o-Y. This sluggish movement and ramp down in margins mainly due to disruption in Chennai operations and business continuity cost. However, the growth momentum is expected to continue in Q4FY16E due to ISGN acquisition, demand in Healthcare and Telecom segments.